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Pullbacktrade

Nifty: Shall We Get Ready..For A PullbackIts difficult to spare time for publications. But 'we--the authors' can't resist to share interesting thoughts. I usually ask readers to 'hit the like button' b'coz that motivates us to write more robust analysis. So keep supporting and i ll keep sharing the scoop of knowledge that God has ushered upon me. I could have just marked an arrow on the chart and said that we may pullback tomorrow but it would not satisfy me :) So lets analyse in brief.... First of all I am still bearish in the medium term and my previous posts are still valid. See below if u haven't --> Secondly, I am expecting a pullback in the short term. Which means I may turn out to be a buyer in the coming day or hours. The question is, why so? 1) Bearish Bat target 1 is complete today. 2) Wedge breakdown target is complete, right at bat target 1 3) An AB=CD Pattern competes near the bat target 1 4) We are at a trendline support of a parallel channel. 5) We are at a structure support. 6) Almost filled a gap. What would a short seller do when a target is complete..he ll book profit. Taking into consideration all the above factors, I am obliged to anticipate a pullback tomorrow. Pullback but of what order? I will consider the 10750-10775 zone as a conservative target for this pullback. What will happen after that can be analyzed later, depending on the price action at that stage. Chances are that we may head downwards. Caution: The above analysis will be negated if we strongly break the trendline and continue the downward journey towards bat target 2. Hope this analysis will help some traders. Trade safe, stay healthy. Regards
NSE:NIFTY
by Bravetotrade
21
Bata: Dancing On The CloudsThe stock broke out of a long term resistance near 610 on higher timeframe charts. Overall market correction may push the stock down to retest 610 zone again, which may now act as a support. This zone coincides with the rising channel trendline. I also expect that by the time the stock retests that zone, the 55 EMA will also be there (hand drawn on the chart) to provide extra cushion. So at the 605/615 zone, we will have the confluence of potential horizontal support; channel trendline support; and supposedly the 55 EMA. The stoploss for this trade would be 580 and the targets would be 647, 660, 680 and near 700 . Hit like if this information can be useful. Trade Safe. Do you own research before trading with my ideas. Regards Bravetotrade
NSE:BATAINDIALong
by Bravetotrade